Is a Multigenerational Home a Good Fit for You?
Many of us reexamined the meaning of home for ourselves and our loved ones during the pandemic. This is evident in the recent increase in multigenerational households. According to Jessica Lautz, Deputy Chief Economist and Vice President of Economic Research at the National Association of Realtors (NAR):
“Multi-generational buying may be a home where families live in the same home with elderly parents, children who have boomeranged back home, or other extended family members. While this is not a new concept of living, it is one which has gained recent popularity.”
And citing data from Pew Research Center, the Wall Street Journal (WSJ) says:
“. . . multigenerational living has made a comeback in recent years, particularly after the 2008 financial crisis and during the pandemic.”
If the thought of purchasing a multigenerational home has crossed your mind, you are not alone. There are various reasons why it could be the right fit for you depending on your stage of homeownership. The chart below depicts responses to a recent NAR survey about the reasons people purchased a multigenerational home:
A multigenerational home has distinct advantages, whether your motivation is financial or focused on the people you'll share your home with. It can make homeownership more affordable, and it can help you best support your loved ones. As Lautz explains:
“Multi-generational home buying is a way for families to care for one another, support one another, and often buy a home that may have been previously out of reach. . . . The trend of multigenerational buying appears to be firmly established and one that could expand in the future.”
Consider the advantages of a multigenerational home if you're ready to buy a home. Let's talk so you can look into your options in our area.